idrisalomagold
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December 04, 2020, 05:46:07 AM Last edit: December 04, 2020, 06:03:30 AM by idrisalomagold |
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Well, it might be possible; but far from the reality if so...
Bitcoin is volatile speculative investment and though its scarcity create more demand and in turns make price grow. Surpassing fiat is already happening but not on the idea that bitcoin couldn`t be bought by a real fiat value. There are hierarchies in the market and gold is an example of it. Dollar is backed by gold. So, it turns out that in the near future, possibly bitcoin could surpassed that standard. However, we are not gurus of the market but definitely as what you have argue about fiats "aren`t be able to buy a single bitcoin" because it is too expensive is far from the fantasies even the federal reserve, banks and government.
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hatshepsut93
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December 04, 2020, 05:53:49 AM |
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No asset can rise infinitely, including Bitcoin. How is the argument that fiat is doomed because of inflation, so Bitcoin will go to the moon is any different from the same argument that goldbugs make about gold? Yet gold didn't show any insane performance, even in this year when a lot of USD was printed.
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Shallow
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December 04, 2020, 06:10:30 AM |
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Bitcoin rising so much in value will only mean that, it will become so precious and scares, that is, those holding will hardly want to sell and that will continue leading to the increasing value of Bitcoin. However, in the aspect of Bitcoin rising so much that it causes a fiat crisis? I do not think so; my reason is this, we should always remember that fiat belongs to the government, that is, the government controls everything pertaining to fiat, and I don't think they will ever come to that level of having fiat crisis. Nevertheless, what I think is, the more Bitcoin rises, the more the price increases, and it will only be a selected few who can afford it that will be able to buy it, but as for fiat, it will always be available; therefore, in essence buying Bitcoin will now depend on how wealthy you are. Lastly, Bitcoin and Fiat will stay, because there will likely be people who will find it hard accepting Bitcoin as a means of payment.
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shield132
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December 04, 2020, 06:25:09 AM |
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Sorry if the topic sounds logically flawed I didn't dig much deeper into the financial fantasies of such.
I'm wondering what if one day Bitcoin goes so high up in value that it causes somewhat a fiat crisis? I mean imagine, you've Bitcoins but there isn't much cash available in the market to buy your BTC, or simply put people can't afford it? Will bitcoin be of any value then?
There will be available cash to buy bitcoin and satoshis. There will be a moment when the richest guy or guys together won't be able to buy the whole supply (no one is able at the moment too). I have one question for you: How much gold do we have right now in overall? A lot, yeah? And did gold cause fiat crisis? No. If we define bitcoin's price into USD or fiat, then how will we have fiat crisis? There won't be a similar moment. If fiat will be defined in bitcoin and bitcoin's value will skyrocket, i.e. one snickers will cost 0.00001btc instead of $1, then maybe we will have the fiat crisis.
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unusualfacts30
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December 04, 2020, 06:30:04 AM |
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there isn't enough market for bitcoin just yet but if it surpasses fiat in the future, we'll have another crypto for fiat like china have come up with own version. btc and cryptocurrency in general is still way behind other markets like gold which is trillions of dollars yet its value hasn't surpassed fiat just yet. there is so much adoption that has to happen before we can ponder upon this scenario. most people don't even use or know how to use cryptocurrency. its still small.
another thing is that unlike other commodity you're able to divide btc so people will always be able to buy it in sat if not whole btc. it'll have to surpass every other market combined.
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Salauddin1994
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December 04, 2020, 06:53:58 AM |
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BTC's potential exceeds the value of fiat money btc will never be able to replace fiat without btc everyone can trade with fiat currency but without fiat currency it is not possible to run the country btc usually increases its demand depending on the market. Fiat prices can never be discounted the rate of bitcoin investment is increasing due to the rise in the price of bitcoin but in the future bitcoin will take a long time all over the world everyone can do cryptocurrency transactions as they wish, but this does not apply to fiat.
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davis196
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December 04, 2020, 07:00:57 AM |
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Sorry if the topic sounds logically flawed I didn't dig much deeper into the financial fantasies of such.
I'm wondering what if one day Bitcoin goes so high up in value that it causes somewhat a fiat crisis? I mean imagine, you've Bitcoins but there isn't much cash available in the market to buy your BTC, or simply put people can't afford it? Will bitcoin be of any value then?
Such case scenario simply isn't possible.There's always enough fiat in the financial markets.Actually there's an abundance of cash.That's why cash is losing value(inflation) and that's why cash will become worthless some day in the future. Bitcoin can be divided into millions of satoshi and doubt that people can't afford to buy even one satoshi. ![Grin](https://bitcointalk.org/Smileys/default/grin.gif) I'm not a Bitcoin maximalist and I don't believe that Bitcoin will ever reach some astronomical(to the moon) price of,let's say,a few million dollars per BTC.This won't happen due to the nature of Bitcoin and all the HODLers,who will decide to sell their BTC at some point,therefore creating selling pressure.
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serjent05
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December 04, 2020, 07:05:51 AM |
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The chances of fiat money losing value wouldn't happen because the government is just going to print more and more money, and there wouldn't be any shortage of cash. It's just the value of it. BTC had already overtaken it even before it reached ATH. The value per bill is less than the actual value it has for sure, but it's the paper bills that cost more than the bills over time.
I'm not sure if that's what you mean, but that's what I thought about.
Isn't the fiat money continue to depreciate in value? The once $1's great value that can buy more goods is just a mere dollar now that can only buy one or two cheap items. The printing of lots of paper money will simply devaluate the currency so it is not a solution to patch things about matching the valuation of Bitcoin if ever BTC becomes so precious.
Anyway, if ever 1 BTC surpass all the fiat money in the world, I am sure it will possibly create chaos. All those BTC holders will just dictate the world's economy since they have all the money to buy things. The government will possibly create an emergency system that will tackle this kind of problem. They may start confiscating or banning BTC usage in order for the Government to regain control of the economy. BTC having such value is great for BTC holders but it will be disastrous for the finance industry so they may possibly start some kind of "war" against BTC until one of the two give in.
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crwth
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December 04, 2020, 09:15:26 AM |
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Isn't the fiat money continue to depreciate in value? The once $1's great value that can buy more goods is just a mere dollar now that can only buy one or two cheap items. The printing of lots of paper money will simply devaluate the currency so it is not a solution to patch things about matching the valuation of Bitcoin if ever BTC becomes so precious.
It is fiat money. What I meant with the cost is the actual costing for printing the bill, not the bill itself.
I re-read the question of OP and I think I misunderstood the question the first time around. What I think about now is that the price of BTC is so High that 1 satoshi could be 1 dollar? 1:1 value with a satoshi is pretty damn high and we will all be millionaires. All of it will cause an imbalance in the economy and no more physical bills by that time. I think the 1:1 comparison is the best way to visualize what the OP meant.
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maxreish
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December 04, 2020, 10:18:03 AM |
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When that time comes I'm pretty sure people will not gonna buy bitcoin at high price and will gonna consider other type of investment rather than this one. Our government will also not allow that financial crisis will happen due to btc price growth. And to think that bitcoin has a limited supply thus we can expect that high price is normally happen for the next years.
And for that, bitcoin will surely survive and exists for a very long time.
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yazher
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December 04, 2020, 11:22:47 AM |
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Sorry if the topic sounds logically flawed I didn't dig much deeper into the financial fantasies of such.
I'm wondering what if one day Bitcoin goes so high up in value that it causes somewhat a fiat crisis? I mean imagine, you've Bitcoins but there isn't much cash available in the market to buy your BTC, or simply put people can't afford it? Will bitcoin be of any value then?
What about satoshis? as you can see right now BTC has already surpassed all of the currency around the world regarding its value. But if 1 Satoshi will be equivalent to up to $10 each, that would be insane and that surely surpassed the current highest value currency in the world. The best thing about BTC is its investment capability and you always have an assurance to recover your losses when you have enough courage to hodl it no matter what happens to the market. because throughout its history, it always recovers its price from the bearish market until now.
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posi
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December 04, 2020, 11:59:14 AM |
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Bitcoin was created as a solution and alternative to the economic and financial meltdown the government was unable to fix, so it totally not add or causes fiat crisis and this is what some governments that don't support Bitcoin don't understand but the IMF Boss and US SEC Chief understand this feature about Bitcoin that's why they supported crypto and also advise the government to issue their own digital national currency cause crypto is inevitable.
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FlightyPouch
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December 04, 2020, 12:08:18 PM |
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I don't see that from happening as we all know how the government will make some solutions to keep that from happening. I see bitcoin as an alternative and if that ever happens, what currency will we base bitcoin? How can they buy it if they are having a problem with its value that it is in bitcoin?
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CODE200
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December 04, 2020, 12:19:20 PM |
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Sorry if the topic sounds logically flawed I didn't dig much deeper into the financial fantasies of such.
I'm wondering what if one day Bitcoin goes so high up in value that it causes somewhat a fiat crisis? I mean imagine, you've Bitcoins but there isn't much cash available in the market to buy your BTC, or simply put people can't afford it? Will bitcoin be of any value then?
Impossible I think as it may sound. There'll be no equity I guess in such way. Everything in the market has price to determine its "value". Prices are "vernacular" if it is a language, as an example. And if there will be no agreement, a price won't be formed or created, and agreement into such considers different factors. So maybe, nothing in the market will be in such scenario wherein something will not be in such condition in the market, even on "rare" things being sold online.
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DoublerHunter
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December 04, 2020, 07:16:42 PM |
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^ Definitely I agree with the rest that the purchase happened didn't bring a huge impact on the price hike especially if it was made infractions and unnoticeable to the market. Like what most replies above mentioned we are not even sure if he is still holding the bitcoins right now or already being sold it back in the market. Nevertheless, I could even make a conclusion that the biggest factor of the price hike and ATH is because of mass adoption where a lot of people are getting aware of bitcoin and started to invest through the help of those large companies like PayPal who started acquiring bitcoin in their services.
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Twentyonepaylots
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December 04, 2020, 07:32:46 PM |
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How will bitcoin surpass the value of fiat money if the fiat money is what powers the bitcoin ![Huh](https://bitcointalk.org/Smileys/default/huh.gif) and as far as the value of bitcoin is concern, I don't think it will go that heavenly high that there isn't much fiat to buy bitcoins, I mean supply and demand is the core of the price so if it isn't present the price will just stay. I can only say that the present state of bitcoin is the best it has got through years, that I think it'll be this way for more coming years. We'll be selling at $20K, then watch the dump, wait again til we see $20K and it continues for like 2 to 3 years.
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Joel_Jantsen (OP)
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December 04, 2020, 07:39:58 PM |
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How will bitcoin surpass the value of fiat money if the fiat money is what powers the bitcoin ![Huh](https://bitcointalk.org/Smileys/default/huh.gif) and as far as the value of bitcoin is concern, I don't think it will go that heavenly high that there isn't much fiat to buy bitcoins, I mean supply and demand is the core of the price so if it isn't present the price will just stay. I can only say that the present state of bitcoin is the best it has got through years, that I think it'll be this way for more coming years. We'll be selling at $20K, then watch the dump, wait again til we see $20K and it continues for like 2 to 3 years. Well, one bitcoin years ago was $40 and it's almost $20,000 now. Isn't that an example of how bitcoin is surpassing the value of fiat? You could afford to buy one bitcoin easily years ago, can you do now? Not many can. So clearly implies something has gotten expensive right? Bitcoin. The pump and dump are vague words when using bitcoins. The stability of bitcoins over the years has only shown a rise so not like it will ever fall to $50 again and even if it does, I doubt it will climb back to $20,000 again.
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ReiMomo
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December 04, 2020, 09:36:40 PM |
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In terms of bitcoins surpassing the fiat currencies, I think it is already done for bitcoin's price is now greater than 1 versus other fiats. If we will say that bitcoin still didn't surpass fiat yet then it should be 1 BTC is equal or less than $1 or to any fiat currencies but since the current price of bitcoin is $19,331 then that means bitcoin has a greater value than USD.
However, it is far or impossible that fiat will be replaced by BTC just because of the devaluing or fiat crisis, it will still remain in circulation and we know for a fact that in order for us to identify the value of bitcoin right now is through conversion to a particular currency.
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oktana
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December 04, 2020, 09:45:50 PM |
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This is also a concern to me. I've been thinking, what will happen when more than 50% of the world uses a currency that doesn't depend on fiat. I'm afraid it may bring crisis beyond what we think.
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soetikno
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December 04, 2020, 10:06:30 PM |
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in my opinion this is illogical, fiat money must always fill the market in a country, if you mean an economic crisis, for example, the fall of a currency in that country actually increases the price of bitcoin because it is believed that there will never be inflation because the current supply is only limited and continues to decrease
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